The Direct Network

Best of 2017: Cost Savings

Posted by Liz Schulte on Jan 5, 2018 5:30:00 AM
Topics: online bookstore, cost savings, alternative revenue streams

Schools need a way to offer students more savings and a way to increase revenue as budgets shrink. In 2017 some of our most popular posts covered these topics. From ways to provide students with savings on their course materials to ideas for creating alternative revenue streams, check out our top five posts about cost savings.

Best of 2017: Cost Savings6 Alternative Revenue Streams for Colleges 

Despite the market being up, student numbers are down with little relief in sight. Finding additional income that can provide stability without raising tuition is necessary. Private colleges and universities discount tuition through grants or scholarships to attract more students, but that doesn’t solve financial deficits. As states decrease funding and fewer students apply to attend, the situation is rapidly approaching dire for many institutions. That’s why many colleges look for ways to bring new revenue streams to the institutions.

Get ideas for six alternative revenue streams that could work for your school.

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The Roads to Course Materials Adoptions 

Timely adoptions are important to the school because they cut costs, save students money and help ensure student success by having all of the required materials available before the start of class. The closer it gets to the end of the semester the more vital it is for faculty to make and turn in their adoptions so the next semester can begin without a hitch.

Learn how adoptions can impact course materials costs.

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Three Ways an Online Bookstore Saves Money 

Practical ways to decrease overhead while increasing productivity are rare, but that is exactly what an online bookstore provides. For a growing number of schools, the costs associated with maintaining a physical bookstore outweigh the benefit — especially when it can be done with virtually no risk or inconvenience.

Find out three ways an online bookstore can save.

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3 Guaranteed Ways to Save Students the Most Money 

With declining enrollment in K–12 and higher education, student retention is essential. There’s not an endless stream of students to replace those who choose not to continue their education. At-risk students and families need to know your school understands their challenges and will help them find the best solutions. In short, students need to trust that your school cares about them.

One way to begin building trust with students and families is with transparency. If you have saving initiatives in place, share those efforts with your students and families so they can see that your school is actively working toward lowering costs.

Learn three ways your school can provide students with greater savings.

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Early Adoptions Provide Student Cost Savings 

Early adoptions combat the increasing costs by enabling your school to have enough used books for each student enrolled in the class. Used books provide the student upfront savings of 25% or more. On top of that, they will also receive more money at buyback for a textbook that has already been adopted than one that hasn’t. This one small action can save students money, and put more money back in students’ pockets at the end of the semester.

Check out the post to learn more about the importance of adoptions.

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About Liz Schulte

Liz Schulte is an author and business owner with a background in customer service, marketing and higher education development.

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